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Entity-Specific Rating Rationales

17 Oct 2025

Godrej Industries Limited: Ratings reaffirmed; [ICRA]AA+ (Stable) assigned for fresh NCD of Rs. 2,000 crore

23 Oct 2024

Godrej Industries Limited: Long-term rating upgraded to [ICRA]AA+ (Stable); short-term rating reaffirmed; [ICRA]AA+ (Stable) assigned to Rs. 3,000.00-crore proposed NCD programme

10 May 2024

Godrej Industries Limited: Update on material event

18 Dec 2023

Godrej Industries Limited: [ICRA]AA (Stable) assigned to Rs. 500.00-crore Non-Convertible Debenture Programme; [ICRA]A1+ assigned to enhanced Rs. 1,000.00-crore Commercial Paper Programme; ratings reaffirmed for other facilities

20 Dec 2022

Godrej Industries Limited: [ICRA]AA(Stable) assigned to Rs. 2,000 crore proposed Non-convertible debenture programme; [ICRA]A1+ assigned to enhanced Rs. 500.00 crore commercial paper programme; ratings reaffirmed for other facilities

Entity-Specific Credit Perspective Reports

18 Nov 2025

Godrej Industries Limited

Godrej Industries Limited (Non-SF)

19 Nov 2024

Godrej Industries Limited

Godrej Industries Limited (Non-SF)

15 Jan 2024

Godrej Industries Limited

Godrej Industries Limited (Non-SF)

09 Dec 2022

Godrej Industries Limited

Godrej Industries Limited (Non-SF)

Ratings

Description	Short Term	Medium Term	Long Term	Issuer
Term Loan	--	--	[ICRA]AA+(Stable)	--
Non-Convertible Debenture	--	--	[ICRA]AA+(Stable)	--
Long Term/Short Term Unallocated	[ICRA]A1+	--	[ICRA]AA+(Stable)	--
Proposed Non-Convertible Debentures	--	--	[ICRA]AA+(Stable)	--
fund-based facilities – CC	--	--	[ICRA]AA+(Stable)	--
Commercial Paper	[ICRA]A1+	--	--	--
Short term - Non fund based facilities	[ICRA]A1+	--	--	--

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